As we finish week two of the federal shutdown, markets shifted into risk-off mode while investors fly without official data. The team unpacks the Fed’s September minutes (cuts likely, cadence uncertain), lean on alternative signals (Carlyle’s real-time payrolls), and explains why the labor outlook is fragile. In CRE capital markets, the team breaks down how continuation vehicles are bridging liquidity, why loan modifications are up sharply yet still a small share of bank CRE, and what Fifth Third–Comerica says about scale and credit resilience. Our LightBox CRE Activity Index jumped to 116.8, pointing to broader listings and steady diligence pipelines heading into Q4. Sector moves: deep office repricing in DTLA, selective Sun Belt trades, Silicon Valley land rushing to data-center use, Dollar Tree’s owner-user distribution center in Phoenix, and creative offerings to furloughed workers in DC. And Martha gives a special sign off that’s worth a listen.

Don't miss out on the latest insights and data affecting the commercial real estate landscape.

00:00 Market Overview and Economic Context
03:13 Tariffs and Inflation Impact
08:45 Job Market Insights and Fed Rate Cuts
13:34 Liquidity and Lending Trends
17:03 Lightbox Data Dive and Market Activity
21:37 Sector Stories: Office and Industrial Real Estate
31:47 Creative Solutions in Retail and Economic Adaptation

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